EIP-3074 Anticipated To Launch By Year-End, Introducing AUTH And AUTHCALL Operations
In Brief
An improvement for Ethereum network, EIP-3074, will be released alongside the Pectra upgrade by the end of the 2024.
Educational platform associated with the cryptocurrency exchange Binance, Binance Academy, has published an article revealing that EIP-3074, a proposed improvement for the Ethereum network, has not yet been deployed on the network. However, it is scheduled for release alongside the Pectra upgrade by the year-end.
EIP-3074 is aimed at enhancing the efficiency and security of blockchain transactions. It offers new operations, AUTH and AUTHCALL, which distinguish between the entity authorizing a transaction and the one executing it.
AUTH designates an authorized sender for a transaction, allowing users to grant permission for another party to execute it on their behalf. AUTHCALL enables a smart contract to perform actions from a different address, facilitating the execution of more complex transactions.
This proposal is set to support gasless transactions, automated payments, and various innovations in decentralized finance (DeFi).
The new proposal enhances security by separating the authorization of transactions from their execution. This separation allows different parties to manage the authorization and sending processes, increasing flexibility.
Additionally, it streamlines user transactions by eliminating the need for several signatures, thereby accelerating the usage of decentralized applications (dApps). It also facilitates more sophisticated transactions and interactions between smart contracts that are essential for creation of more complex dApps.
Ethereum’s Upcoming Pectra Upgrade To Enhance Scalability And User Experience
Pectra represents the newest upgrade in a row of carefully planned enhancements by the Ethereum development team, with implementation set for the latter half of 2024. It will advance scalability and lower gas costs for developers while also providing improved development tools to simplify the creation and deployment of smart contracts.
For users, it is expected to boost transaction processing, decrease network congestion, as well as make transactions more affordable. It will also offer improved wallet interfaces and more intuitive token management, among other benefits.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
